Form 4: FiscalNote Holdings CEO Sells Shares to Cover Tax Obligations

Tim Hwang, CEO of FiscalNote Holdings, sold shares of Class A Common Stock to cover tax obligations related to vesting restricted stock units.

Summary

• Tim Hwang, the Chairman, CEO, and Director of FiscalNote Holdings, Inc., sold 46,255 shares of Class A Common Stock on November 1, 2024.
• The sale was executed at a price of $0.8349 per share.
• This transaction was made to satisfy the reporting person's tax obligation upon the vesting of 89,832 restricted stock units.
• The sale was conducted under a Rule 10b5-1 trading plan adopted on August 11, 2023.
• Following the transaction, Hwang directly owns 49,318 shares of Class A Common Stock and indirectly owns 2,425,612 shares through the Timothy T. Hwang Revocable Trust.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The transaction is a routine sale of shares to cover tax obligations and was conducted under a pre-arranged trading plan. It doesn't necessarily indicate a positive or negative outlook for the company.

Industry Context

Sales of shares by company executives are a common occurrence, often related to tax obligations or diversification strategies. The use of a pre-arranged Rule 10b5-1 trading plan is a standard practice to avoid accusations of insider trading.

Stakeholder Impact

• The sale of shares by the CEO could have a minor impact on shareholder sentiment, but the use of a Rule 10b5-1 plan mitigates concerns about insider trading.

Key Dates